Brexit 'means economy faces 50/50 recession chance' Image copyright Reuters The UK has a 50/50 chance of falling into recession within the next 18 months following the Brexit vote, says a leading economic forecaster. The National Institute of Economic and Social Research (NIESR) says the country will go through a "marked economic slowdown" this year and next. It says inflation will also pick up, rising to 3% by the end of next year. "This is the short-term economic consequence of the vote to leave the EU", said Simon Kirby of the NIESR. Overall the institute forecasts that the UK economy will probably grow by 1.7% this year but will expand by just 1% in 2017. This would see the UK avoid a technical recession, typically defined as two consecutive quarters of economic contraction.
Mr Kirby argued that the June referendum vote had led to such financial and political uncertainty that this would bear directly on the spending and investment decisions of both businesses and households. Now, the culprit is the uncertainty following June's Brexit vote. Prediction: There will be no more billion dollar brands. | Lean Luxe. As Brexit Looms, Prime Minister Theresa May Looks to the Future of British Fa... LONDON, United Kingdom — Just as the Marc Jacobs show was closing New York Fashion Week across the Atlantic, scores of London-based designers, editors, buyers, executives and educators — from Christopher Bailey and Dame Vivienne Westwood to Vogue’s Alexandra Shulman and Browns founder Joan Burstein — assembled yesterday evening at 10 Downing Street, home of the new British Prime Minister Theresa May, as the unofficial kick off to London Fashion Week. As the ornate room filled with people, guests wondered aloud, “Is she actually going to show up?”
And if she did, “what will she say?” The elephant in the room was the UK’s decision to leave the EU following the Brexit vote on June 24. This would be the prime minister’s first opportunity to address the British fashion industry on the subject in a direct way. May was dressed in black, wearing tailored Amanda Wakeley trousers with a now sold-out piece from Palmer/Harding’s collaboration with John Lewis. Stavros Karelis — FOUNDER — Machine-A. Designer JW Anderson to bring together art and fashion in new exhibition. Image copyright Getty Images Designer JW Anderson will hope to bridge the worlds of art and fashion when he takes over the Hepworth Wakefield gallery for an exhibition. At the 2015 British Fashion Awards, Jonathan Anderson became the first person to be named both the menswear and womenswear designer of the year. The exhibition will feature his designs as well as those by the likes of Christian Dior and Jean Paul Gaultier.
They will be alongside work by artists like Barbara Hepworth and Henry Moore. The 31-year-old designer has confessed to being "obsessed" with 20th Century British art and cited the likes of Moore, Hepworth and Graham Sutherland as inspirations. Image copyright Jamie Hawkesworth Image copyright Jonty Wilde He promises "provocative" combinations as work by artists Louise Bourgeois, Sarah Lucas and Dorothea Tanning is "brought into direct dialogue" with garments by Rei Kawakubo, Helmut Lang and Issey Miyake. Designers aim for even faster fashion.
Image copyright Reuters US designers are adopting the "show-now, shop-now" trend during New York fashion week that allows consumers to buy designs straight from the catwalk. Tom Ford and Tommy Hilfiger are among those that have followed British fashion house Burberry in making new styles available to buy immediately. Most shows are now live-streamed and featured on social media. That has prompted some labels to show designs for the coming autumn/winter rather than next year's summer ranges.
Not having to wait for glossy fashion magazines to feature the latest designs has helped to make consumers less content to accept delays of several months before they can buy them. Tom Ford is showing an autumn/winter 2016 collection for both men and women at New York fashion week rather than items for spring/summer next year. Image copyright Getty Images Graeme Moran, head of content for fashion and features at Drapers magazine, said: "The whole industry is in flux. "I think it is very positive.